Caroline Pham, one of the Republican commissioners of the Commodity Futures Trading Commission, will take charge of the agency on an interim basis as President Donald Trump’s administration shifts US policy toward a friendlier relationship with digital assets .
The CFTC is set to become a major federal cryptocurrency watchdog, and Pham confirmed on Monday that she will take the reins as acting chair at a point of major potential transition for the agency. Most of the early legislative efforts to establish a roadmap for digital assets envision the CFTC taking over regulation of cryptocurrency spot markets for widely traded tokens such as bitcoin (BTC) and Ethereum’s ether (ETH). . Those previous bills are expected to be the foundation of crypto work in the new Congress.
“I am honored to be entrusted to serve the American people during this crucial time,” Pham said in a statement. “I want to thank President Trump for his confidence in me, and I am grateful to my colleagues and CFTC staff for their support. I look forward to collaborating with all stakeholders in this new capability as we focus on the CFTC’s mission of promote well-functioning markets that support economic growth and competitiveness of the United States.”
The five-member commission voted to elevate Pham according to the new president’s wish. The agency generally leaves that choice to the choice of the incoming leadership of the majority party.
The decision has not yet been officially announced by the agency.
Pham will lead the CFTC until Trump can nominate and the Senate can confirm a permanent pick. It is unclear whether she will also be a favorite for the full presidency, although her name is routinely mentioned on the short list for the position.
More: This CFTC Commissioner Doesn’t Believe in ‘Gotcha’ Crypto Regulation
During his tenure at the agency, he spent considerable time leading the Global Markets Advisory Committee which he led to examine potential approaches to overseeing digital assets. In 2023, it launched a pilot program for cryptocurrency supervision.
Pham had been a senior executive at Citigroup and said she was responsible for Citi’s cryptocurrency portfolio during her time there in the early days of the industry.
Outgoing CFTC Chairman Rostin Behnam previously announced he would step down as chairman on Inauguration Day, joining Securities and Exchange Commission Chairman Gary Gensler, who also said he would step down at noon ET. , when Trump was sworn in. Behnam is ready to leave his commission. seat in February.
The four remaining CFTC commissioners include Pham, fellow Republican Summer Mersinger and Democrats Christy Goldsmith Romero and Kristin Johnson.
UPDATE (January 20, 2025, 18:04 UTC): Add a comment from Caroline Pham.
